Core Viewpoint - The legal opinion letter from Hunan Qiyuan Law Firm confirms that the conditions for the second unlock period of the restricted stock incentive plan of Jinzhai Food Group Co., Ltd. have been met, allowing for the release of certain restricted shares [1][11]. Group 1: Approval and Authorization of Unlocking - The company has obtained necessary approvals and authorizations for the second unlock period of the restricted stock incentive plan, as per the relevant regulations and internal governance [8][11]. - The board of directors and independent directors have reviewed and approved the relevant proposals, ensuring compliance with the company's articles of association and incentive plan [6][8]. Group 2: Specifics of the Unlocking Conditions - The second unlock period for the reserved grant of restricted stocks is defined as the first trading day after 24 months from the completion of the grant registration until the last trading day within 36 months [9][10]. - The unlocking condition requires that the company has not faced any adverse audit opinions or profit distribution issues, and the incentive object has not encountered any disqualifying circumstances [9][10]. Group 3: Performance Assessment - The performance assessment for unlocking the restricted stocks is based on the company's revenue and net profit growth rates, with specific targets set for the years 2023 and 2024 [10][11]. - The company must achieve a minimum revenue growth rate of 25% and a net profit growth rate of 56% for the first unlock period, and similar targets for the second unlock period [10][11]. Group 4: Individual Performance Criteria - The individual performance assessment for the incentive object is aligned with the company's existing compensation and evaluation policies, determining the proportion of stocks that can be unlocked based on individual performance results [10][11]. - The specific individual unlocking ratio is contingent upon the performance evaluation results, with a maximum unlocking potential for those rated as excellent [10][11]. Group 5: Conclusion and Next Steps - The legal opinion concludes that all necessary conditions for the unlocking of restricted stocks have been satisfied, and the company must fulfill its disclosure obligations regarding this unlocking [11][12]. - The company is required to proceed with the necessary procedures for the unlocking of shares once the second unlock period concludes [11][12].

Core Viewpoint - The announcement details the completion of the second lock-up period and the achievement of unlocking conditions for the 2023 employee stock ownership plan of Jinzhai Food Group Co., Ltd, allowing for the unlocking of 198,000 shares, which represents 0.0439% of the company's total share capital [1][8]. Summary by Sections Implementation Progress of the 2023 Employee Stock Ownership Plan - The company held several meetings in 2023 to approve the employee stock ownership plan, including the second board meeting and the third extraordinary general meeting of shareholders, which authorized the implementation of the plan [1][2]. - On August 25, 2023, the first meeting of the plan's participants was held, establishing a management committee for the plan [2]. - The company received a confirmation of stock transfer for 396,000 shares to the employee stock ownership plan on September 7, 2023, at a price of 5.96 yuan per share, representing 0.09% of the total share capital [3]. - A total of 134,000 shares were allocated to 19 participants, excluding directors and senior management, at the same price of 5.96 yuan per share [4][6]. Completion of the Second Lock-up Period and Achievement of Unlocking Conditions - As of September 5, 2025, the second lock-up period for the first grant of the employee stock ownership plan has ended, allowing for the unlocking of 198,000 shares, which is 37.36% of the total shares granted [7][8]. - The performance assessment for unlocking conditions includes company-level and individual-level metrics, with specific revenue and net profit growth targets set for the years 2023 and 2024 [8][9]. - The company must achieve a minimum revenue growth of 25% and net profit growth of 20% for 2023, and for 2024, the targets are set at 56% and 44% respectively [9][10]. Subsequent Arrangements After Unlocking - The management committee will handle the rights related to the employee stock ownership plan following the unlocking of shares [11]. - The remuneration and assessment committee of the board has confirmed that the unlocking conditions have been met and will submit the relevant proposals for board approval [11].

Group 1 - The company plans to repurchase and cancel a total of 7,086,978 restricted stocks due to unmet performance targets and changes in the status of certain incentive recipients [1][2] - The repurchase will reduce the total share capital from 1,509,176,043 shares to 1,502,089,065 shares, and the registered capital will decrease from RMB 1,509,176,043 to RMB 1,502,089,065 [1] - The company is notifying creditors about the capital reduction, allowing them 45 days to claim debts or request guarantees [2][3] Group 2 - Creditors must submit claims with relevant documentation to the company, including contracts and identification [2] - Claims can be submitted in person, by mail, or via email, with the date of submission being the date the company receives the documents [3]

Group 1 - The core point of the article is that Shenliang Holdings announced the approval of a proposal to change independent directors during its first extraordinary general meeting of shareholders in 2025 [2] Group 2 - The announcement was made on the evening of September 5 [2] - The proposal was part of the agenda for the extraordinary general meeting [2]

Core Points - The article highlights two cases of "escape-style" tax evasion through company deregistration in China, emphasizing the legal consequences for such actions [1][2] Group 1: Case Summaries - In Shanghai, Wuhang Import and Export Co., Ltd. concealed sales revenue of 257 million yuan and failed to pay taxes totaling 39.8374 million yuan during its operation from 2021 to 2023. The company applied for deregistration in 2023 but was later reinstated by tax authorities in 2024, leading to a total penalty of 82.6246 million yuan in 2025 [1] - In Shandong, Yufei Food Co., Ltd. underreported VAT by 2.0515 million yuan and failed to withhold personal income tax of 208,600 yuan from 2017 to 2019. The company also sought deregistration in 2021, but tax authorities reinstated it in 2024, resulting in a penalty of 5.6609 million yuan in 2025 [2] Group 2: Regulatory Context - The Chinese government has implemented measures to facilitate company deregistration, aiming to improve the business environment. However, some individuals exploit these measures to evade tax obligations by submitting false documents and concealing facts [1][2] - The State Taxation Administration of China has emphasized that any attempts to evade tax payments through "escape-style" deregistration will face legal penalties, reinforcing the commitment to maintaining a fair tax order and a favorable business environment [1][2]

Core Viewpoint - The tax authorities have exposed two cases of "escape-style" tax evasion through fraudulent company deregistration, highlighting the misuse of deregistration processes to evade tax obligations [1][2][4]. Group 1: Tax Evasion Cases - Shanghai Wuhuan Import and Export Co., Ltd. concealed sales income of 257 million yuan and failed to pay taxes totaling 39.8374 million yuan during its operation from 2021 to 2023, subsequently applying for deregistration in 2023 [1]. - Juxian County Yufei Food Co., Ltd. evaded 2.0515 million yuan in value-added tax and failed to withhold personal income tax of 208,600 yuan from employee dividends between 2017 and 2019, applying for deregistration in 2021 [2]. Group 2: Legal Framework and Consequences - The tax authorities can recover unpaid taxes and impose penalties regardless of the company's registration status, as per the Tax Collection and Administration Law [2][3]. - The law mandates that companies must settle all tax obligations before applying for tax deregistration, emphasizing that deregistration does not absolve tax responsibilities [3][4]. Group 3: Expert Opinions - Experts assert that the notion of using deregistration to escape tax liabilities reflects a misunderstanding of tax law, and such actions will ultimately be penalized [3][4]. - The coordinated efforts of tax authorities and related departments to combat fraudulent deregistration are aimed at maintaining a fair and orderly tax environment [4].

Core Viewpoint - The recent advertisement for "Peach Li Egg Mooncake" by Tao Li Bread has sparked controversy due to its perceived condescending tone towards consumers, leading to a public apology and a commitment to improve oversight in marketing strategies [1][3]. Group 1: Advertisement Controversy - The advertisement's slogan suggested that those who dislike five-nut mooncakes are simply too young to appreciate them, which was criticized as being preachy and illogical [1][3]. - Following the backlash, the advertisement was taken down within a day, and the company expressed regret, promising to enhance their review processes to prevent similar issues in the future [3]. Group 2: Company Financial Performance - According to the 2025 semi-annual report, Tao Li Bread reported a revenue of 2.611 billion yuan, reflecting a year-on-year decline of 13.55% [5]. - The company's research and development expenditure was 10.6605 million yuan, down 30.81% year-on-year, accounting for only 0.4% of total revenue [5]. - Advertising and promotional expenses increased to 42.96 million yuan, a rise of over 40% compared to 30.60 million yuan in the same period of 2024 [5]. Group 3: Stock Performance - As of September 5, the stock price of Tao Li Bread (603866.SH) closed at 5.68 yuan, with a market capitalization of 9.086 billion yuan [6].

Core Viewpoint - The recent advertisement campaign by the company for its Five-Nut Mooncake has sparked controversy, leading to an official apology and the decision to change the marketing team responsible for future promotions [2][3]. Group 1: Advertisement Controversy - The advertisement claimed, "Some say Five-Nut is not tasty; we believe that is because you are still young and have not fully experienced life's hardships," which generated significant public backlash [3]. - Following the backlash, the company announced that the controversial advertisement would be gradually taken down [3]. Group 2: Company Overview and Financial Performance - The company, known for its "central factory + wholesale" model, was listed on the A-share market in 2015 and primarily produces "Taoli" brand bread and seasonal products like mooncakes [5]. - In the first half of the year, the company reported revenue of 2.611 billion yuan, a decrease of 13.55% compared to the same period last year [5]. - The company's operating profit and total profit were 266 million yuan and 272 million yuan, respectively, reflecting declines of 27.42% and 27.00% year-on-year [5]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, fell by 30.03%, attributed to increased depreciation costs from new projects and higher advertising expenses [5].

Group 1 - The controlling shareholder, Guangxi Heiwulai Food Group Co., Ltd., released a pledge of 15,000,000 shares on September 3, 2025, which accounts for 6.58% of its holdings and 1.99% of the company's total share capital [2]

经济观察网 针对桃李面包（603866）"桃李蛋月烧"月饼电梯广告争议，9月5日桃李面包官方账号发文 表示，"确实是领导拍的板，这个锅只能他来背，在此鞠躬道歉，他现在正在接受'现实毒打'。从今天 起，后续宣发正式由我们年轻人接管。批评我们都接受，反思也在进行中，态度端正，挨打立正。" 据此前社交平台上流传的图片显示，桃李蛋月烧的电梯广告语为："有人说五仁不好吃，我们认为：那 是因为你还年轻，还没饱尝过生活的毒打。桃李蛋月烧，等一个有故事的人下单！"9月4日，桃李面包 相关负责人表示，涉事广告画面在上线一天后已下架。 ...